All by Paula Parras

JUNE CONTEST: Adverse Action Requirements

Paula Parras

In case you missed our announcement earlier this week, we are we are holding another contest and will be giving away one free enrollment to Adverse Action Requirements class! Our Adverse Action Requirements program takes a deep dive into everything you and your team need to know about adverse action notices.. In this program, we review the adverse action requirements of both Reg B and FCRA, explain disclosure requirements under the FCRA mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), and discuss common adverse action violations. To enter the giveaway, just complete a quick entry form at www.compliancecohort.com/entry. To learn more about this program, go to: www.compliancecohort.com/adverse-action-requirements

OCC’s 2023 Annual Report

Paula Parras
Regulatory Update

On December 11, 2023, the OCC issued its annual report to Congress which provides an overview of the condition of the federal banking system. The annual report can be beneficial to compliance professionals as it discusses the OCC's strategic priorities and details agency regulatory and policy initiatives.

VIDEO: Requirements for Reg CC Lobby Disclosures

VIDEO: Requirements for Reg CC Lobby Disclosures

Paula Parras
Regulation CC

In this Compliance Clip (video), Adam talks about the requirements for lobby disclosures under Regulation CC. In other words, Adam discusses and gives an examples of how the notice that tells customers about a bank’s hold practices should be displayed in a bank’s lobby area, based on the requirements of Regulation CC. A transcript of this video is now available.

FATF Updates Guidance on Beneficial Ownership of Legal Persons

Paula Parras
BSA, Regulatory Update

On March 10, 2023, the FATF issued the updated Guidance on Beneficial Ownership of Legal Persons will help countries implement the revised requirements of Recommendation 24. In March 2022, the FATF adopted amendments to Recommendation 24, or the Beneficial Ownership of Legal Persons, and its Interpretive Note which require countries to prevent the misuse of legal persons for money laundering or terrorist financing and to ensure that there is adequate, accurate and up-to-date information on the beneficial ownership and control of legal persons.

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